taxtrio

Remember that you can still efile with "substitute" D-1 statements. If you have a brokers statement that shows all acceptable information... you can attach a copy of the brokers statement to the 8453 and check the box for substitute D-1 attached. Enter the totals on front page of Sch D as if they came from the real D-1. Good to go. efiles fine. Less time for me, more accurate that all that inputting for 1,000 trades (or even a few hundred). But watch out for missing information, I had a couple of broker's "realized gain/loss statements this year that listed a sale with no basis information, and didn't include the income in the "realized gain".... So I always check over the statement before using it. One state I had from a managed account was in small type, 56 pages long with thousands of stock transactions, some with gains of only 16 cents!! How was I supposed to input that!! The front page showed all totals, only 600.00 plus in short term gains..... I love the 8453 check box... Try it you'll like the time it saves. PS

there must be more money out there in new york than here in Michigan... everyone here is broke!

Premiums are premiums... sch A. the contributions to the HSA (Health Savings Account) are deductible if paid by employee, if paid by employer they should already be "pre-tax" and not deductible on the 1040.

Sorry, didn't get a chance to finish. check out the taxbook deluxe page 4-17 this page shows that if over 5,000.00 in value "may" need an appraisal that needs to be attached to the return. If no appraisal, and you are only using section A, no attachment to return, just 8283. No 8453 needed.

Why? I file 8283 over 500.00 all the time, for years, with only the 8879. I believe the only time you need a 8453 for 2007 is if there is one item worth over 5,000 that needs an appraisal. Check it out.

I am not familiar with whatever was posted on the old board. But, land is 1231, building with depreciation is 1250, (part III 4797). Equipment sold at a gain is 1245(part III). Short Term is Part II front page. If you put in code sections on disposition tab in assets it should carry to proper part of 4797. P.S.

Dell on-line gives you the option of buying with xp or vista, your choice. I'd stay with xp for now.

The IRS has a special guideline for B & B's. You can find it on the IRS site and download it. I wish I could remember what they are called, ?? Market Segment Guides? I had some for beauty shops, and horse farms. Maybe "Market Segment Specialization Program"....?

If she has a Real Estate License, then it would be schedule C, earned income.

You could try "paper filing" return with a letter of explanation... (old fashioned to be sure, but better than paying the tax).

You told them "just throw it away?". Hope they have a number at the IRS to call and confirm how they actually got in their rebate, you'll need to know that next year.

Interesting question. Normally the one liable for the tax gets the deduction. If someone pays it for them then it could be considered a gift. But, is the child still a dependent of parents? Are they a minor? Would the parents then be considered responsible for the child's debt? If the parents are considered responsible for the minor child's debt and have paid it then.... maybe yes? Any other opinions out there?

Good tip, thank you.

In ATX, on 1099R Input screen, enter 1099R exactly as you have it, then scroll down to the very bottom of the input screen--- you won't be able to see this part of the input screen unless you scroll down--- and enter the amount of qualified charity distribution on proper line. Check front page of 1040, it will show correctly. I just tried it out of curiousity... I haven't had one yet, but I like to learn new things. Thanks for the question. P.S.

If he received a complete refund from the other two non-resident states, then what taxes "paid" to another state did you take as a credit on Mass. Return... I don't know Mass. tax law, but in Michigan you only get a credit for tax paid and NOT refunded from the other state....??? Just my thoughts... P.S.

He can only be single if he lived separate from his spouse at least one day more than the last 6 months of the year AND he had a child living with him.

Yes, I originally thought it was one of the 2/11 forms, I waited, and waited, then finally got the message, "obsolete". So I filed without it.

You should be able to restore the return from the back-up, and retrieve the entire return as it was just before you lost it, I don't know why it disappeared but try this... Close out ATX, click on "start", "all programs", and look for ATX 2007, (or whatever version you have), click on it and a menu should appear ... choose restore return, a box should open up where you can scroll down and high-light the return you want, then click restore and it should restore the last version that was saved in your back-up. It's not as hard as it sounds, just take it step by step, and read the screens as they come up. When you reopen your ATX software, it should be back. Hope this works for you. P.S.

If you have the time, take a drive up to Maine and have a "lobster dinner". Find one of those restaurants right at the pier where the boats come in. Very Quaint! and Delicious! When we were their you could get a "twin" maine lobster dinner. for about 15.00!! That is for TWO maine lobsters, boiled potatoes, and corn on the cobb. Served on paper plates, casual but good.

I was also startled last year when these "rejects" started happening. When I understood what was happening, I found I like the reassurance that there was a "safety" in place on my efiles. I like the wording better this year. BUT..... I still would like a connection between the efile manager and the return manager.... I would like an indicator to show on the return manager list that would indicate that a return had been efiled. The only way I can find after 4 years of using ATX to make sure that all returns have been efiled, is to print both lists, and compare them side-by-side on my desk... I still occasionally find one that should have been efiled that was missed... Now at least they show up as "rejected" while I wait for the 8879 to come back. It's something at least. How do you keep track?? Any better suggestions?? P.S.

Is this a new client in your office? Did you successfully efile him last year? I have them go the Soc Sec Office and get a "verification print out" on their soc sec#. Sometimes there is a mistake in the Social Security Records, could be the spelling of their name, could even be that the ordering of the names is backwards.. (more often with foreign names) Sometimes a chinese name for example can have several syllables... Which is really the last name, first name, etc. ... In the beginning we used to get a lot of these problems.. If he efiled somewhere else last year... what did they use? J Just some thoughts on the matter. And no I would not mail the return with the 8879 attached. If they need to mail it in, Print them a filing copy for them to mail in.

Taxbook 2007 Deluxe Edition Page 19-12 Misc S-corp issues. This page addresses the Shareholders use of Home question. Basically-- shareholder is allowed to deduct expenses for business use of the home assuming the shareholder receives reasonable wages for services rendered. Such expenses are dedcuted as employee business expenses on Sch A sub to 2% of AGI limitation. Exception for rental: A taxpayer is not allowed to deduct expenses for business use of the home attributable to rent paid by the employer if the employee is providing services. The employer is allowed a deduction for rent paid, but the employee is not allowed a deduction for business use of the home (IRC 280A©(6) There is also a court case sited on this page where the tax court allowed a shareholder vehicle and office in home expenses because the corporation had adopted a resolution requiring the taxpayer to incur expenses as may be necessary or required and that they would not be reimbursed by the corporation. The resolution also required the taxpayer to supply office space and his own vehicle for his business services which would not be reimbursed by corp. The court ruled these expenses were deductible as employee business expenses subject to 2% on Sch A. Well, that's according to taxbook 2007. Hope you can find something useful in there.

Rule #1: You must be liable for the debt to take the deduction, and you must have paid the interest. Question: Is the mortgage in both their names?? Sometimes the 1098 just comes out in one person's name. If your client is one of the borrowers then you can claim it.. but you have to attach a statement saying in wrong name and soc sec #.

Inherited IRA is the beneficiary's income. It will be taxable to him just as it would have been to the deceased. It's just a question of when.

Yes, I have done that very thing.